Introduction
From AI-powered bookkeeping to sustainability-linked financing, tech is disrupting traditional accounting. Here are five trends that LA SMBs must know:
1. AI-Powered Data Entry & Anomaly Detection
- Tool synergy: QuickBooks Online combined with AI platforms like Botkeeper automate expense capture and flag unusual patterns.
- Benefit: 75% reduction in manual input and early fraud detection—especially helpful for remote teams.
2. Cloud Dashboards for Real-Time Decision-Making
- Choose your dashboard: Tools like Fathom, Spotlight Reporting, and Grow provide real-time metrics (cash flow trend, AR days, burn rates).
- Why it matters: Get ahead of financial pinch points—no more end-of-month surprise.
3. Tracking 1099-K Threshold Changes
- New rule: Threshold drops to $2,500 or 25 transactions in 2025 (then $600 in 2026).
- Compliance: Set monthly reconciliation reports and train your team to flag and record all platform revenue.
- Outcome: Avoid IRS notices and prevent tax gaps.
4. ESG-Linked Financing & Tax Credits
- Clean-energy credits: Local LA businesses installing solar or EV charging stations may qualify for federal and state credits.
- Benefits: Lower loan rates and tax incentives—integrate financial forecasting with green equipment purchases to optimize eligibility.
5. API-Enabled Collaboration with Advisors
- Connected systems: Sync QuickBooks, Xero, Gusto, Bill.com, and tax platforms
- Collaboration perks: Real-time client file sharing, reduced rekeying errors, and quarterly alert reviews.
Conclusion
Embracing these accounting trends can give your business a competitive edge—from smarter insights to cost savings and compliance.
Let’s modernize your financial stack. Reach out to setup a digital accounting consultation today.
